Sofinnova Investments Inc. Takes $17.66 Million Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Sofinnova Investments Inc. acquired a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) during the second quarter, Holdings Channel reports. The firm acquired 455,099 shares of the company’s stock, valued at approximately $17,662,000. Revolution Medicines makes up approximately 0.9% of Sofinnova Investments Inc.’s holdings, making the stock its 29th biggest holding.

Several other institutional investors have also modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Revolution Medicines by 40.8% during the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after purchasing an additional 4,309,611 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after buying an additional 122,721 shares in the last quarter. Baker BROS. Advisors LP grew its position in Revolution Medicines by 46.6% in the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after buying an additional 2,400,592 shares during the last quarter. Farallon Capital Management LLC increased its holdings in shares of Revolution Medicines by 11.4% in the first quarter. Farallon Capital Management LLC now owns 7,507,872 shares of the company’s stock valued at $241,979,000 after buying an additional 771,018 shares in the last quarter. Finally, BVF Inc. IL lifted its position in shares of Revolution Medicines by 50.2% during the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after acquiring an additional 2,000,000 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Barclays lifted their price target on Revolution Medicines from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Wedbush reissued an “outperform” rating and issued a $59.00 target price on shares of Revolution Medicines in a research report on Thursday, August 8th. Oppenheimer upped their price target on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $52.92.

Revolution Medicines Stock Up 1.9 %

NASDAQ RVMD opened at $44.54 on Tuesday. The stock has a market capitalization of $7.44 billion, a PE ratio of -11.88 and a beta of 1.43. Revolution Medicines, Inc. has a 12-month low of $15.44 and a 12-month high of $48.61. The company has a 50 day moving average price of $43.89 and a two-hundred day moving average price of $38.82.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. The business’s revenue was down 73.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.92) earnings per share. As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -3.47 EPS for the current year.

Insider Activity at Revolution Medicines

In related news, General Counsel Jeff Cislini sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total transaction of $76,940.00. Following the transaction, the general counsel now owns 49,487 shares of the company’s stock, valued at $1,903,764.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total transaction of $94,820.00. Following the sale, the director now directly owns 19,948 shares of the company’s stock, valued at $877,712. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Jeff Cislini sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total value of $76,940.00. Following the transaction, the general counsel now owns 49,487 shares in the company, valued at $1,903,764.89. The disclosure for this sale can be found here. Insiders sold a total of 58,421 shares of company stock worth $2,637,077 in the last 90 days. 8.00% of the stock is owned by company insiders.

Revolution Medicines Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.